All Forum Posts by: Allen Lopez

Oh one last thing i forgot to mentioned, the reserves will be coming from my 401k. I have around 50k there so that should not be an issue.

Hello BP, I have a headache from trying to figure this out. So last year mid summer I sold one of my town homes, it was fully paid off so I ended up getting some cash around 95k. The money sat in my bank for a while (I was looking for a good investment opportunity). In the December, I signed a contract for new construction of what would be my primary residence. I was going to give 20% down and the rest would be going towards an investment. So I would need $30k for closing with a closing date of mid July.

In late March, I found an amazing opportunity that I couldn't passed up a SFH for 105k with 30k in equity. One of my close friends (best man at my wedding) have me $30k as a gift. And another close friend gave me 6k. I use that money and some of the money I had to buy the property cash.

No the bank is telling me that I do not qualify for the loan.even though I still have 35k in my bank account. We still have to months for closing (meaning that with income from work and rentals, I will have an additional 16k in my account before closing.

My credit score is 786. I have 3 properties worth 330k,96k, and 136k(I just bought). I have another mortgage on a house that is a rental property worth 350k, but have a loan of $220k left on it. A car with payments of $630/month. And a credit card bill of 8k.

My debt to income ration is like 0.2 (monthly expenses are around $2500/month, and income is around $11,000/month.

Long story short, all I see that could be a problem is the gift, but this being for my primary residence and the fact that I used it to buy an investment property should not be an issue. Additionally, more than half of the money needed for closing is not coming from the gift.

Lastly, before anyone ask, it is really a gift, not trying to fraud or anything. This is my best friend. When I started investing, I helped him invest $5k and that turned into over $75k in a couple of year. He works for An airline company the source of the money can be verified.

Any thoughts? Help? Am I wrong in believe that there shouldn’t be a problem?

Does any one know any financial institutions that are willing to do a heloc on an investment property? I feel like there aren’t any out there.

So I just bought a new house that I will be using as a rental. The house has minor details that are needed. Mostly painting inside and out, cabinets need to be repainted, fans...all minor work, but time consuming.

I can get a company to do everything in 5 days for $6k, or I can do it all my self in about a month. This means that I would potentially lose $3k in rent (2 months 1 for rehab, 1 for listing). Would you do the work yourself or would you get the property rented as soon as possible?

Keep in mind, that the rent could be longer if I don’t find a tenant within 1 month

So I have a cart port. Pretty much an open Corner. Two of the walls are part of the house and the ceiling is already there. All I am missing is one sidewalk, and a garage door. If I wanted to add this then the house, will I need a permit?

@John Warren

Thanks I really appreciate it

Any kits or paint you guys recommend?

So I know this provides zero money back on investment, but it makes the unit look nice. Would/should I paint the cabinets? I feel like the nicer I make the unit look the more I can rent it for.

Has anyone ever used a tub refinishing kit for a tub before that they would recommend?

So I have been using my old primary home which I bought with a loan under my name as a rental property. I would like to put it in an LLC as an investment property. This means that the house would technically be under the LLC. Is it possible to do this while having the original loan that I used to purchase it. Will there be any issues since the lender will have to change the property owner (loan owners name) I guess. Anyone here have done this before?